March 17, 2005

Charlie Munger's biograhy - 2

I have completed almost 100 pages of the biography. Several nuggets of wisdom and learnings come through. One thing which strikes is the honesty and fairness with which charlie has always conducted his affairs.

There is an incident in the book. Guerin ( if i have not got his name wrong ) joined charlie as a partner in the munger , wheeler and Co. ( which was an investment partneship modelled after the buffet partnership ). To start with guerin was not too rich when he joined munger in this partnership.
During the course of their dealing , they accquired a chemical company ( as an aside that too is an intersting tale of how they accquired it ). some time later , guerin wanted to cash out his portion of the deal. He valued it as 200000 usd and would have been happy with it. Munger remarked that he was wrong and it was closer to 300000 usd. His remark was to the effect 'if you think hard about it , you will agree with me because you are smart and i am right'

As you go through the book, you realise that munger has always been fair and honest in all his dealing and has never tried to cut corners. This is admirable because there are enough examples of rich people who have cut corners. But buffet and munger are people who have achieved their success with out cutting corners. To use a quote from the book , which munger uses 'To avoid envy from other , you should deserve your success'

5 comments:

Krishnanand said...

Can u name the book that details Munger's Biography ? I am unable to find any book that deals with Munger's Biography .

Rohit Chauhan said...

the books name is - Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger

Vidyanshu said...

Hi Rohit.

This post has convinced me! I am going to read up more on this enigmatic personality as well.

Thanks.

Rohit Chauhan said...

Hi vidyanshu
go ahead and google on charlie munger ..read all the speeches he has given. he is a brilliant man ..vice chairman of berkshire hathway (warren buffett's company)

by coincidence i am reading his biography again these days

regards
rohit

Abhishek said...

Hi Rohit,

I have just started learning Value investing... came across your blog and found it quite insightful....

In one of your post you wrote that u can forward the speeches of Charlie Munger...grateful, if you could provide me @

Also, since I am very much keen on Value investing, can u please provide me some insight on as to how should i proceed for better understanding, like which books should i read for good basic concepts...

thanks a ton in advance, looking fwd to hear from your end...